Russian bank Sber could re-enter Turkish market with AI tech

Russia's largest bank Sber remains open to the idea of re-entering the Turkish market as a tech company, especially in the field of artificial intelligence (AI), its first deputy chair told Anadolu.

Alexander Vedyakhin, speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF) held last week, said Sber is discussing some projects with Turkish firms but the process is confidential for now.

Vedyakhin noted that while transactions can be made easily between Russia and India thanks to the bank's local branch in the country, transactions between Russia and Türkiye have to be processed through more complex procedures versus internal bank transactions.

Vedyakhin said AI changed the global economy from the ground up, not only in terms of chatbots but also with the advent of AI agents.

He said the AI agent economy will contribute around $3 trillion to the global GDP by 2030, rising from $150 billion currently, a massive trend that will influence all countries.

Besides, Vedyakhin said, sovereign AI is becoming increasingly vital for countries as dependence could lead to consequences that aren't only technological but also cultural and historical.

He noted that as young people increasingly inquire AI about things, these models shape up their understanding, emphasizing the longterm effects of dependence on foreign models.

Vedyakhin said Sber is ready to share its own AI model, GigaChat, if requested by Türkiye, as the sovereign AI model can be reconfigured according to the needs of a specific country.